The Federal Home Loan Mortgage Corp. (Freddie Mac) recently conducted a housing study that found that the U.S. housing market is in need of 3.3 million housing units, and there will be a shortage of more than 300,000 homes each year for the next decade.
Approximately half of all U.S. states have a housing shortage with Oregon having the largest deficit. It is followed by California, Minnesota, Florida, Colorado and Texas.
“Years of underbuilding has created the deficit particularly in states with strong economies that attract people from other states,” according to the National Association of Realtors.
The lack of housing will continue for many years in Florida as currently there are 900 people per day moving into the state, according to the Florida Office of Economic and Demographic Research.